3.07 g/t gold over 13.9 m intersected within a 34.5 m wide zone averaging 1.93 g/t gold on Alto's Coldstream Property, Ontario
- 3.07 g/t gold over 13.9 m within a 34.5 metre-wide zone averaging 1.93 g/t gold
- 4.26 g/t gold over 4.8 m within a 26.15 metre-wide zone averaging 1.09 g/t gold
- 5.47 g/t gold over 6.9 m within a 13.0 metre-wide zone averaging 3.06 g/t gold
Vancouver BC, July 21, 2010: Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce the results from the first three drill holes of the 8,000 m drill program on the East Coldstream Gold Deposit ("Deposit") located at the Coldstream Property in Ontario. The work is being carried out by Foundation Resources Inc (FDN: TSX-V) who is the Project Operator and is funding this exploration program to earn an interest in the Coldstream Property.
Table of Significant Gold Assays
| Drill Hole | From (metres) |
To (metres) |
Width (metres) |
Gold (grams/tonne) |
| C-10-23 (North Zone) |
80.40 | 114.90 | 34.50 | 1.93 |
| Including: | 95.30 | 109.20 | 13.90 | 3.07 |
| 106.20 | 109.20 | 3.00 | 5.25 | |
| 112.65 | 114.90 | 2.25 | 3.0 | |
| (Main Zone) | 205.90 | 227.10 | 21.20 | 0.72 |
| Including: | 205.90 | 207.15 | 1.25 | 3.56 |
| 214.25 | 214.85 | 0.60 | 4.52 | |
| 225.85 | 227.10 | 1.25 | 2.90 | |
| C-10-24 (Main Zone) |
41.75 | 54.25 | 12.50 | 1.06 |
| Including: | 48.25 | 49.35 | 1.10 | 4.07 |
| (North Zone) | 152.85 | 179.00 | 26.15 | 1.09 |
| Including: | 157.45 | 162.25 | 4.80 | 4.26 |
| C-10-25 (Main Zone) |
105.75 | 157.30 | 51.55 | 0.82 |
| Including: | 105.75 | 113.95 | 8.20 | 1.80 |
| 149.70 | 157.30 | 7.60 | 2.65 | |
| (North Zone) | 207.35 | 220.35 | 13.00 | 3.06 |
| Including: | 211.90 | 218.80 | 6.90 | 5.47 |
The current 8,000 m drill program is designed to follow up on the positive results obtained from the 2010 winter drilling, increase confidence in the continuity of gold mineralization within the Deposit and to expand the existing, non-NI 43-101 compliant, historical resource. Each of the current three holes (C-10-23, C-10-24 and C-10-25) intersected wide sections of gold mineralization in both the Main and North zones; these zones lie parallel to each other and are located less than 100 metres apart. The Main and North zones were also drilled during the 2010 winter program and wide intercepts of gold mineralization, including sections with high grade gold values were reported by Alto on March 29, April 6, and April 21 2010. Gold in both zones is associated with pyrite and occurs within strongly sheared and hydrothermally altered (silica, albite, sericite, magnetite and hematite) areas of mafic to intermediate metavolcanics and quartz-feldspar porphyry intrusive rocks.
Drill hole C-10-23 was drilled at 160°/-53º to a depth of 267.31 metres, C-10-24 drilled at 337º/-48º to a depth of 252.07 metres, and C-10-25 was drilled at 334°/-50° to a depth of 288.65 metres. All intervals are represented as down hole core lengths, with the true widths estimated between 70-75 percent of core length.
Quality Assurance and Quality Control
Drill core processing included descriptive logging and selection of samples for geochemical analyses. The NQ2-size core was cut in two halves using a stationary rock saw at the field camp in Kashabowie, Ontario. One-half of the core was delivered to the sample preparation lab of ALS Chemex Laboratory in Thunder Bay where they were crushed and a 1000-gram pulp was prepared. The pulp was then shipped to ALS Chemex Laboratory in North Vancouver, B.C. for analyses. The gold assaying method uses a standard Fire Assay with ICP-AES technique on a 30-gram pulp material taken from a 1000g split from the submitted sample. Any sample that exceeded upper detection limit of 10 ppm or grams was re-analyzed by the same Fire Assay method but with gravimetric finish. Commercially prepared standards and blanks were inserted by Foundation every 20 samples to insure precision of the results. ALS Chemex inserted its own standards, blanks and carried out duplicate analyses on sample pulps to ensure internal lab quality control. For regular Fire Assay technique with an ICP-AES finish, the lab inserted 1 blank at the beginning, 2 standards at random intervals, and 3 duplicates were analyzed at the end of the batch of every 84 samples. For the Fire Assay method with gravimetric finish, inserting 1 blank, 2 standards, and 1 duplicate followed the same procedure on a batch of every 20 samples.
Ike Osmani. P.Geo., is the Qualified Person for Foundation Resources Inc who supervised the program.
About the East Coldstream Deposit
The Deposit, with historically reported resources of 5.1 million tonnes averaging 1.4 g/t gold was discovered by Noranda Exploration Ltd and was delineated by 37 diamond drill holes between 1988 and 1991. Noranda prepared the historical resource estimate in 1991 however a "qualified person" (as that term is defined in NI 43-101) has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as current mineral resources (as defined in NI 43-101) and thus the historical estimate should not be replied upon. Gold mineralization starts on surface and this resource estimate was based on relatively shallow drilling at 3 zones (the Main, North, and East zones). The historical resource does not include the gold mineralization at the Sanders Zone which was drilled by Lacana Mining Corp. (1989) and Alto Ventures Ltd. (2006). The Sanders Zone is located northeast of the Main Zone and south of the East Zone and was further tested by one hole (C-10-22) during the 2010 winter program. Hole C-10-22 intersected 27.46 m wide zone averaging 1.16 g/t gold, including 10.05 g/t gold over 2.1 m.
The Moss Lake gold deposit (NI 43-101 compliant inferred resource of 1.5 million ounces contained gold) adjoins the southwest end of the Coldstream Property.
About the Coldstream Project
The Coldstream Property includes 5,394 hectares of staked and patented mining claims along the Trans Canada Highway 115 km west of the City of Thunder Bay, Ontario. The area is road accessible and has excellent infrastructure with a major power line and CN rail line passing just north of the property. Skilled labour is readily available locally.
The property is under an Option Agreement with Foundation Resources Inc. Foundation is the operator and is funding the current exploration program to earn an initial 60% interest. Foundation then has the option to earn an addition 10%.
Mike Koziol, P. Geo., P.Eng. and Alto's President and CEO is the Qualified Person who has reviewed and approved this news release.
About Alto Ventures Ltd
Alto Ventures Ltd. is a gold exploration and development company with a portfolio of highly prospective properties in the Canadian Shield. The Company is active in Quebec in the Abitibi greenstone belt where it has a number of projects including the Alcudia and Destiny gold properties. In Ontario the Company is exploring in the Beardmore-Geraldton gold belt and the Shebandowan gold district. Recently, with the acquisition of the Chilko project in British Columbia, the Company has added large tonnage bulk-mineable porphyry style deposits to its exploration targets.
ON BEHALF OF THE BOARD,
Mike Koziol, P. Geo., P. Eng.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC V6C 2B3
Tel: 604-689-2599
Fax: 604-689-3609
Email: info@altoventures.com
Website: www.altoventures.com
Alto Closes Private Placement
Vancouver, B.C., June 14, 2010. Alto Ventures Ltd. (ATV: TSX-V) ("Alto" or the "Company") is pleased to announce it has raised $1,102,000 through the issuance of a combination of 13,150,000 flow through common shares at a price of $0.06 per share and 6,260,000 units at a price of $0.05 per unit. Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant is exercisable at a price of $0.10 per share for a period of eighteen months expiring December 9, 2011, provided that if at any time, which is more than four (4) months and one day following Closing, the volume weighted average trading price of the common shares of the Company, as traded on the TSX Venture Exchange, exceeds $0.25 for 10 consecutive trading days, the Company shall have the right to accelerate the expiry date of the warrants to a date which is thirty (30) days following the date of the notice.
The Company paid finder's fees to Limited Market Dealer of $63,000 and issued 1,085,000 warrants each exercisable to purchase one common share at a price of $0.10 for a period of one year expiring June 9, 2011. All securities issued in the private placement are subject to a four month hold period expiring October 10, 2010.
Part of the proceeds from the private placement will be used on the Company's 100 percent owned projects in the Beardmore-Geraldton gold belt where surface gold mineralization has been identified but has not been fully mapped or drilled. Geological mapping has started in the Beardmore-Geraldton area in preparation for diamond drilling that is planned for the latter part of 2010. In Quebec, the Company is planning diamond drilling for later this year on its wholly owned Alcudia property in the Urban-Barry gold belt. The Alcudia claims have a number of drill-ready targets and are strategically located adjacent to the Windfall Lake project from which high grade gold intercepts, up to 14.2 g/t gold over 52 m, were reported recently. The Company is also preparing a summer exploration program for its recently acquired Chilko property near Williams Lake British Columbia. Targets on the Chilko property include large tonnage bulk-mineable gold and copper porphyry deposits. The remainder of the placement proceeds will be used for general working capital.
About Alto Ventures Ltd.
Alto Ventures Ltd. is a gold exploration and development company with a portfolio of highly prospective properties in the Canadian Shield. The Company is active in Quebec in the Abitibi greenstone belt where it has a number of projects including the Alcudia and Destiny gold properties. In Ontario the Company is exploring in the Beardmore-Geraldton gold belt and the Shebandowan gold district. Recently, with the acquisition of the Chilko project in British Columbia, the Company has added large tonnage bulk-mineable porphyry style deposits to its exploration targets.
About MineralFields, Pathway and First Canadian Securities
MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities.
ON BEHALF OF THE BOARD,
Mike Koziol, P. Geo., P. Eng.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Mark Prosser
Investor Relations Manager
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC, V6C 2B3
Tel: 604-638-3947
Fax: 604-689-3609
Email: mark@altoventures.com
Website: www.altoventures.com
8000m of Drilling Commences on the Coldstream Property, Ontario
Vancouver B.C., June 10th, 2010: Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce the start of a minimum 8,000m diamond drilling program on the Coldstream Property in Ontario. The main objective of the current diamond drilling program is to further define and expand the East Coldstream deposit. Drilling is also planned in the Span Lake area to confirm gold-bearing zones drilled by Inco in the 1980s and to test the potential continuity of the Moss Lake gold deposit (NI 43-101 compliant inferred resource of 1.5 million ounces contained gold) on to the southern-most claims in the Span Lake area of the property. The program is being carried out by Foundation Resources Inc (FDN: TSX-V) who is the Project Operator and is funding this exploration program to earn an interest in the project.
About the East Coldstream Deposit
The East Coldstream Gold Deposit, with historically reported resources of 5.1 million tonnes averaging 1.4 g/t gold was discovered by Noranda Exploration Ltd and was delineated by 37 diamond drill holes between 1988 and 1991. Noranda prepared the historical resource estimate in 1991 however a "qualified person" (as that term is defined in NI 43-101) has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as current mineral resources (as defined in NI 43-101) and thus the historical estimate should not be replied upon. Gold mineralization starts on surface and this resource estimate was based on relatively shallow drilling at 3 zones (the Main, North, and East zones). The historical resource does not include the gold mineralization at the Sanders Zone which was drilled by Lacana Mining Corp. (1989) and Alto Ventures Ltd. (2006). The Sanders Zone is located northeast of the Main Zone and south of the East Zone.
About the Coldstream Project
The Coldstream Property includes 5,394 hectares of staked and patented mining claims along the Trans Canada Highway 115 km west of the City of Thunder Bay, Ontario. The area is road accessible and has excellent infrastructure with a major power line and CN rail line passing just north of the property. Skilled labour is readily available locally.
The property is under an Option Agreement with Foundation Resources Inc. Foundation is the operator and is funding the current exploration program to earn an initial 60% interest. Foundation then has the option to earn an addition 10% interest.
Mike Koziol, P. Geo., P.Eng. and Alto's President and CEO is the Qualified Person who has reviewed and approved this news release.
About Alto Ventures Ltd
Alto Ventures Ltd. is a gold exploration and development company with a portfolio of highly prospective properties in the Canadian Shield. The Company is active in Quebec in the Abitibi greenstone belt where it has a number of projects including the Alcudia and Destiny gold properties. In Ontario the Company is exploring in the Beardmore-Geraldton gold belt and the Shebandowan gold district. Recently, with the acquisition of the Chilko project in British Columbia, the Company has added large tonnage bulk-mineable porphyry style deposits to its exploration targets.
ON BEHALF OF THE BOARD,
Mike Koziol, P. Geo., P. Eng.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Mark Prosser
Investor Relations Manager
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC, V6C 2B3
Tel: 604-638-3947
Fax: 604-689-3609
Email: mark@altoventures.com
Website: www.altoventures.com
Alto Announces a Private Placement of up to $1,100,000
Vancouver, B.C., June 8, 2010. Alto Ventures Ltd. (ATV: TSX-V) ("Alto" or the "Company") is pleased to announce a non-brokered private placement to raise up to $1,100,000 through the issuance of a combination of flow through common shares at a price of $0.06 per share and units at a price of $0.05 per unit. Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant is exercisable at a price of $0.10 per share for a period of eighteen months from closing, provided that if at any time, which is more than four (4) months and one day following Closing, the volume weighted average trading price of the common shares of the Company, as traded on the TSX Venture Exchange, exceeds $0.25 for 10 consecutive trading days, the Company shall have the right to accelerate the expiry date of the warrants to a date which is thirty (30) days following the date of the notice. Finders' fees will be payable on a portion of the private placement in accordance with the policies of the TSX Venture Exchange. The private placement is subject to regulatory approval.
Part of the proceeds from the private placement will be used on the Company's 100 percent owned projects in the Beardmore-Geraldton gold belt where surface gold mineralization has been identified but has not been fully mapped or drilled. Geological mapping has started in the Beardmore-Geraldton area in preparation for diamond drilling that is planned for the latter part of 2010. In Quebec, the Company is planning diamond drilling for later this year on its wholly owned Alcudia property in the Urban-Barry gold belt. The Alcudia claims have a number of drill-ready targets and are strategically located adjacent to the Windfall Lake project from which high grade gold intercepts, up to 14.2 g/t gold over 52 m, were reported recently. The Company is also preparing a summer exploration program for its recently acquired Chilko property near Williams Lake British Columbia. Targets on the Chilko property include large tonnage bulk-mineable gold and copper porphyry deposits. The remainder of the placement proceeds will be used for general working capital.
The Company did not proceed with the private placement announced on April 29, 2010.
About Alto Ventures Ltd.
Alto Ventures Ltd. is a gold exploration and development company with a portfolio of highly prospective properties in the Canadian Shield. The Company is active in Quebec in the Abitibi greenstone belt where it has a number of projects including the Alcudia and Destiny gold properties. In Ontario the Company is exploring in the Beardmore-Geraldton gold belt and the Shebandowan gold district. Recently, with the acquisition of the Chilko project in British Columbia, the Company has added large tonnage bulk-mineable porphyry style deposits to its exploration targets.
ON BEHALF OF THE BOARD,
Mike Koziol, P. Geo., P. Eng.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Mark Prosser
Investor Relations Manager
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC, V6C 2B3
Tel: 604-638-3947
Fax: 604-689-3609
Email: mark@altoventures.com
Website: www.altoventures.com
Alto Starts Summer Program at Miner Lake, Beardmore-Geraldton Gold Belt, Ontario
Vancouver, B.C., May 26, 2010. Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce the start of its exploration program at Miner Lake in the Beardmore-Geraldton Gold Belt. The objectives of the program are to provide a better understanding of the controls on gold mineralization and the potential size and extent of the gold bearing structures. High priority targets will be selected for drilling later this year based on results from this program. Project highlights include:
- Wide zones up to 19 m averaging 1.78 g/t gold and 0.11% copper including 3.36 g/t gold and 0.24% copper over 5 m in surface saw-cut channel samples
- Targets are large-tonnage, bulk mineable deposits
- High grade gold of up to 25.2 g/t in historical grab samples
- Gold is associated with copper sulphides (chalcopyrite)
- Property under-explored with year round access
Results from Alto's 2009 surface saw-cut channel sampling program returned significant gold mineralization including one section of 3.36 g/t gold and 0.24% copper across 5.0 m and another section of 6.29 g/t gold and 0.08% copper across 2.0m (see Alto news release dated February 25, 2010). These higher grade sections are contained within a wide sulphide-rich envelope averaging 1.78 g/t gold and 0.11 % copper across 19 m.
The highly encouraging results obtained in 2009 are only from one of more than 50 historically stripped and trenched sulphide-mineralized bedrock exposures on the property. The historical trenches, some of which date back to the 1950's occur in an area that is approximately 1.5 km by 0.6 km and they show variable amounts of iron sulphides, including pyrite and pyrrhotite as well as chalcopyrite, a common copper-bearing sulphide mineral. The best gold values are associated with the highest concentrations of sulphides and chalcopyrite. Sampling of the trenches has been limited in the past and the structures that host the sulphide mineralization have not been mapped in detail nor have the relationships between the various occurrences been determined. High grade assays up to 25.2 g/t gold in grab samples were reported from previous work.
Mike Koziol, President & CEO of Alto, states, "Exploring the Miner Lake property will be very exciting. The gold mineralization found so far is in wide sulphide-bearing shear zones rather than in the classic quartz vein settings that are being explored on adjoining properties. Mineralization starts on surface and with additional mechanical stripping and diamond drilling, the wide sulphide zones may be developed into bulk mineable open pit type targets. The property is under-explored and we hope to generate some excitement this year with our 2010 surface and drilling programs."
The 2010 summer program will initially consist of prospecting and sampling of all known mineralized surface exposures to determine which should be mechanically stripped and sampled in detail. After results from this work are evaluated, targets will be selected and drill tested later this year.
The Company operates five strategically located projects in the Beardmore-Geraldton Gold Belt between the Hercules property (Golden Mile gold zones) that is being actively explored by Kodiak Exploration Ltd and the Brookbank gold deposit which is being drilled by Goldstone Resources Inc. The Company's sixth project in the gold belt, the Cote-Archie Lake project lies on strike with the Leitch-Sand River property operated by Goldstone Resources and is under an Option Agreement with Kodiak Exploration. Under the terms of the Agreement, Kodiak can earn an initial 51% interest by spending $1 million on the property over three years. Kodiak is the operator and is required to spend approximately $470,000 before September 2010 to earn its interest.
Mike Koziol, P. Geo., P.Eng., Alto's President and CEO is the Qualified Person who has reviewed and approved the content of this news release.
About Alto Ventures Ltd
Alto Ventures Ltd. is a gold exploration and development company with a portfolio of highly prospective properties in the Canadian Shield. The Company is active in Quebec in the Abitibi greenstone belt where it has a number of projects including the Alcudia and Destiny gold properties. In Ontario the Company is exploring in the Beardmore-Geraldton gold belt and the Shebandowan gold district. Recently, with the acquisition of the Chilko project in British Columbia, the Company has added large tonnage bulk-mineable porphyry style deposits to its exploration targets.
ON BEHALF OF THE BOARD,
Mike Koziol, P. Geo., P. Eng.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Mark Prosser
Investor Relations Manager
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC, V6C 2B3
Tel: 604-638-3947
Fax: 604-689-3609
Email: mark@altoventures.com
Website: www.altoventures.com